SBA Bans Green-Card Holders from Loans, Hurting California's Startups
California News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The Small Business Administrations new policy restricting loans to U.S. citizens and nationals, excluding green-card holders, is causing uproar. This change, effective since March for direct loans and April for SBA-backed ones, disproportionately affects California, where immigrants run forty percent of businesses and drive ninety-nine percent of new jobs. Owners and advocates argue this will stifle job growth and economic recovery. The SBA defends the move, citing limited funds and prioritizing citizens. Green-card holders now face tougher paths, potentially turning to informal lending or community options. Nonprofits and impact investors are stepping in to fill the gap, but experts warn this policy could slow Californias economic growth.
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